Did you know there are fees associated with settling and registering your bond?
- Bond Cancellation Costs
In a situation whereby the seller has a bond on the property that they are selling, there will be a cost to cancelling the bond. In most cases the cost varies, however the seller must be prepared to pay in excess of R4000, which is payable on transfer.
The seller’s bank will further require 90 days written notice in advance, before consolidating the bond. Therefore, it is important to be well prepared in time, such that you avoid the risk of incurring a notice period penalty.